Paytm UPI: Transactions decline to continue till new customers added

Paytm will continue to see a decline in the volume of transactions processed on the Unified Payments Interface (UPI) for the next few weeks as it cannot add new users until the existing ones are migrated to a new handle, people in the know said.

The Reserve Bank of India had mandated Paytm to shift existing users to a new handle after the Paytm Payments Bank was asked to stop transactions after 15 March.

The volume of Paytm PB transactions on UPI saw a dip by 10.4 per cent to 1.40 billion in February from 1.56 billion in January this year. On 31 January 2024, the banking regulator asked Paytm PB to stop operations from 1 March, which was later extended to 16 March.